EFFECTOR Therapeutics Declared in Default on $75M Oxford Finance Loan
EFFECTOR Therapeutics Declared in Default on $75M Oxford Finance Loan
On June 25, 2024, eFFECTOR Therapeutics, Inc. (the "Company") received written notice from Oxford Finance LLC ("Oxford") that events of default have occurred with respect to that certain Loan and Security Agreement dated as of March 19, 2021, as amended (the "Loan and Security Agreement"), by and between Oxford, as collateral agent, the parties who are lenders thereunder, the Company and eFFECTOR Therapeutics Operations, Inc., the Company's wholly owned subsidiary (the "Oxford Notice").
2024年6月25日，Effector Therapeutics, Inc.（以下简称 “公司”）收到牛津金融有限责任公司（“牛津”）的书面通知，该协议经修订的截至2021年3月19日的某些贷款和担保协议（“贷款和担保协议”）发生了违约事件，该协议由作为抵押代理人的牛津大学、作为贷款人的当事方、公司和Effector Therapeutics Operations, Inc.签订的截至2021年3月19日的某些贷款和担保协议（“贷款和担保协议”）该公司的全资子公司（“牛津公告”）。
The Oxford Notice indicates that events of default have occurred under the Loan and Security Agreement's Section 8.3 (Material Adverse Change) and Section 8.5 (Insolvency). The Oxford Notice indicates that all obligations are now immediately due and payable, the obligations under the Loan and Security Agreement shall accrue interest at the default rate, and lender and agent reserve all rights, powers, privileges and remedies provided under the Loan and Security Agreement.
《牛津公告》指出，违约事件发生在《贷款和担保协议》第8.3节（重大不利变动）和第8.5节（破产）下。《牛津公告》指出，所有债务现已立即到期并应付，贷款和担保协议下的债务应按违约利率计息，贷款人和代理人保留贷款和担保协议中规定的所有权利、权力、特权和补救措施。